科沃 (QRVO) 2025 Q4 法說會逐字稿

Good day and welcome to the Qorvo Inc fourth quarter 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

大家好，歡迎參加 Qorvo Inc 2025 年第四季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I would now like to turn the conference over to Douglas DeLieto, Vice President of Investor relations.

現在，我想將會議交給投資人關係副總裁 Douglas DeLieto。

Thanks very much. Hello, everyone, and welcome to Qorvo's fiscal 2025 fourth quarter earnings call. This call will include forward-looking statements that involve risk factors that could cause our actual results to differ materially from management's current expectations.

非常感謝。大家好，歡迎參加 Qorvo 2025 財年第四季財報電話會議。本次電話會議將包括前瞻性陳述，其中涉及的風險因素可能導致我們的實際結果與管理階層目前的預期有重大差異。

We encourage you to review the safe harbor statement contained in the earnings release published today, as well as the risk factors associated with our business in our annual report on Form 10-K filed with the SEC because these risk factors may affect our operations and financial results.

我們鼓勵您查看今天發布的收益報告中包含的安全港聲明，以及我們向美國證券交易委員會提交的 10-K 表年度報告中與我們的業務相關的風險因素，因為這些風險因素可能會影響我們的營運和財務結果。

In today's release and on today's call, we provide both GAAP and non-GAAP financial results. We provide this supplemental information to enable investors to perform additional comparisons of operating results. And to analyze potential performance without the impact of certain non-cash expenses or other items that may obscure our trends in our underlying performance.

在今天的發布會和電話會議上，我們提供了 GAAP 和非 GAAP 財務結果。我們提供這些補充資訊是為了使投資者能夠對經營業績進行額外的比較。並分析潛在業績，不受某些非現金支出或其他可能掩蓋我們基本業績趨勢的項目的影響。

During our call, our comments and comparisons to income statement items will be based primarily on non-GAAP results. For complete reconciliation of GAAP to non-GAAP financial measures, please refer to our earnings relief issued earlier today, available on our investor relations website at ir.qorvo.com under financial releases.

在電話會議期間，我們對損益表項目的評論和比較將主要基於非 GAAP 結果。如需了解 GAAP 與非 GAAP 財務指標的完整對照，請參閱我們今天早些時候發布的盈利預測，該預測可在我們投資者關係網站 ir.qorvo.com 的財務發布版塊中找到。

Joining us today are Bob Bruggeworth, President and CEO; Grant Brown, CFO; Dave Fullwood, Senior Vice President of Sales and Marketing; Philip Chesley, President of High Performance Analog; Eric Creviston, President of our Connectivity and Sensors Group; Frank Stewart, President of our Advanced Cellular Group; as well as other members of Qorvo's management team.

今天與我們一起出席的有總裁兼首席執行官 Bob Bruggeworth；格蘭特·布朗（Grant Brown），首席財務官；銷售和營銷高級副總裁 Dave Fullwood；高性能模擬總裁 Philip Chesley； Eric Creviston，我們的連接和傳感器集團總裁；我們的高級蜂窩集團總裁 Frank Stewart；以及 Qorvo 管理團隊的其他成員。

And with that I'll turn the call over to Bob.

說完這些，我會把電話轉給鮑伯。

Thanks, Doug.

謝謝，道格。

Welcome everyone to our call. Qorvo delivered a strong March quarter with notable achievements in each of our operating segments. In ACG, we supported a critical new phone launch by our largest customer. Qorvo content in this highly anticipated model includes an envelope tracking power management solution custom developed for this customer over multiple years in support of their internal baseband.

歡迎大家來電。Qorvo 在三月季度表現強勁，各營運部門均取得了顯著成就。在 ACG，我們支持了我們最大的客戶推出一款重要的新手機。Qorvo 在這個備受期待的模型中的內容包括一個多年來為該客戶定制開發的包絡追蹤電源管理解決方案，以支援其內部基頻。

Our envelope tracking roadmap represents a long-term content growth opportunity for Qorvo as our largest customers based on shipments expand. In HPA, we posted a record revenue quarter in our defense and aerospace business.

隨著我們最大的客戶（以出貨量計算）不斷擴大，我們的包絡追蹤路線圖為 Qorvo 帶來了長期的內容成長機會。在 HPA 領域，我們的國防和航空航太業務創下了創紀錄的季度收入。

Strength was broad-based and included applications such as manned and drone-based airborne radar, space-based radar, SATCOM, EW, and missile defense systems. In CSG, we continue to increase our sales funnel of Ultra-Wideband opportunities. Our Ultra-Wideband sales funnel for automotive has grown more than $500 million over the last 12 months and now exceeds $2 billion. For fiscal year 2025, both CSG and HPA grew revenue double digits.

其優點範圍廣泛，包括載人和無人機載雷達、天基雷達、衛星通訊、電子戰和飛彈防禦系統等應用。在 CSG，我們持續增加超寬頻機會的銷售管道。過去 12 個月，我們針對汽車的超寬頻銷售管道成長了 5 億多美元，目前已超過 20 億美元。2025財年，CSG和HPA的營收均實現了兩位數的成長。

As we think about the business broadly, we are pleased to see the positive impact of our ongoing initiatives to improve performance. Our growth and margin targets are anchored in multi-year strategy focused on winning content with our largest customer.

當我們廣泛思考業務時，我們很高興看到我們正在進行的提高績效的舉措所產生的積極影響。我們的成長和利潤目標以多年策略為基礎，重點是贏得我們最大客戶的內容。

Building on our core RF and power expertise to drive diversification through CSG and HPA and continuing to operate our business and manufacturing footprint in a disciplined and efficient manner. Key growth levers include continued momentum in defense and aerospace, expansion of our power management, and Ultra-Wideband businesses, and sustained content growth in flagship and premium mobile devices.

以我們核心的射頻和功率專業知識為基礎，透過 CSG 和 HPA 推動多元化，並繼續以規範高效的方式經營我們的業務和製造足跡。關鍵的成長動力包括國防和航空航太領域的持續發展勢頭、電源管理和超寬頻業務的擴展，以及旗艦和高階行動裝置內容的持續成長。

On the margin side, we are executing a clear set of actions. These include shifting away from legacy Android programs, scaling high-value products, And consolidating our manufacturing footprint in gas and in assembly and test, as well as the closure of our facility in Costa Rica, which Grant will discuss further in his remarks.

在利潤方面，我們正在執行一系列明確的行動。這些舉措包括放棄傳統的 Android 程序、擴大高價值產品規模、鞏固我們在天然氣和裝配測試領域的製造足跡，以及關閉我們在哥斯達黎加的工廠，格蘭特將在他的演講中進一步討論這些舉措。

These moves are already yielding benefits and position us well for the future success across our operating segments.

這些措施已經產生了效益，並為我們未來各個營運部門的成功奠定了良好的基礎。

Turning to our strategic highlights by market. In the automotive market, we began sampling a fully integrated Ultra-Wideband programmable SOC. This automotive qualified SOC addresses industry demand for highly accurate and reliable UWB technology in automotive applications such as secure keyless entry, child presence detection, kick sensors, and other precision short-range radar applications.

轉向我們按市場劃分的策略亮點。在汽車市場，我們開始對完全整合的超寬頻可編程 SOC 進行取樣。這款符合汽車標準的 SOC 滿足了汽車應用中對高精度、高可靠性 UWB 技術的行業需求，例如安全無鑰匙進入、兒童存在檢測、踢腿傳感器和其他精密短程雷達應用。

Also during the quarter, we significantly expanded our automotive connectivity footprint in Japan with a WiFi design win for the leading OEM and we expect first shipments to commence in calendar 2026.

此外，在本季度，我們透過為領先的 OEM 贏得 WiFi 設計，顯著擴大了我們在日本的汽車連接足跡，我們預計第一批貨物將於 2026 年開始出貨。

In consumer markets, we ramp production of our first power management IC design win for a wearable. This Pemic optimizes charging for a smartwatch launching later this year. We also supplied a global manufacturer of power tools and outdoor power equipment with first samples of our battery management SOC leveraging embedded AI and machine learning algorithms to improve battery performance.

在消費市場，我們加快了首款用於穿戴式裝置的電源管理 IC 設計的產量。這款 Pemic 優化了今年稍後推出的智慧手錶的充電功能。我們也向一家全球電動工具和戶外動力設備製造商提供了我們的電池管理 SOC 的首批樣品，該樣品利用嵌入式 AI 和機器學習演算法來提高電池性能。

In collaboration with Nordic semiconductor, we announced the availability of an Aero-compliant smart lock reference design that combines BLE and Ultra-Wideband. The Aero protocol is backed by industry leaders and is expected to accelerate adoption by securing communication between smart locks and personal devices like smartphones and wearables.

我們與 Nordic 半導體合作，宣布推出結合了 BLE 和超寬頻且符合 Aero 標準的智慧鎖參考設計。Aero 協定得到了業界領導者的支持，預計將透過確保智慧鎖與智慧型手機和穿戴式裝置等個人裝置之間的通訊來加速其採用。

Reference design combines a Qorvo Ultra-Wideband SOC enabling critical functionality like precision location and secure transaction with Nordics multi-protocol SOC. Leveraging AI trained algorithms and superior radar functionality enabled by our ultra wide front ends, consumer applications such as smart locks can establish and differentiate and user direction of travel and their intent to enhance security, safety, and efficiency.

參考設計結合了 Qorvo 超寬頻 SOC，可實現精確定位和安全交易等關鍵功能以及 Nordics 多協定 SOC。利用我們的超寬前端支援的人工智慧訓練演算法和卓越的雷達功能，智慧鎖等消費應用程式可以確定和區分用戶的行進方向及其意圖，以提高安全性和效率。

We continue to support the migration to Wi-Fi 7 with front end winds spanning multiple years in routers, access points, and extenders. We also saw an increase in demand for our BAW filters across 2.4, five, and six gigahertz for consumer and enterprise Wi-Fi markets.

我們將繼續支援向 Wi-Fi 7 的遷移，並在路由器、存取點和擴展器領域持續多年的前端發展。我們還發現，消費者和企業 Wi-Fi 市場對 2.4、5 和 6 千兆赫的 BAW 濾波器的需求增加。

Lastly, we've begun development for Wi-Fi front ends in alignment with market leading chipset providers. Turning to defense and aerospace, we achieved a record quarter and record fiscal year in D&A revenue. This is the third consecutive year of year-over-year revenue growth.

最後，我們已經開始與市場領先的晶片組供應商合作開發 Wi-Fi 前端。在國防和航空航太領域，我們的 D&A 收入實現了創紀錄的季度和財年記錄。這是收入連續第三年同比增長。

Qorvo is a leading supplier of high performance products and foundry services to the US government, defense crimes, and other global defense and aerospace customers. The sales funnel for our defense and aerospace business currently exceeds $5 billion and we see a path to scale this business both organically and inorganically to $1 billion annually.

Qorvo 是美國政府、國防犯罪以及其他全球國防和航空航太客戶的高性能產品和代工服務的領先供應商。我們國防和航空航太業務的銷售額目前超過 50 億美元，並且我們看到了透過有機和無機方式將該業務規模擴大到每年 10 億美元的途徑。

During the quarter, Northrop Grumman recognized Qorvo as one of their top supplier partners at their supplier Excellence Awards. The award recognizes Qorvo for delivering US-based Baw filter technologies that enhance national security for the US and our allies. We're also recognized by BAE Systems for being a critical supplier for airborne electronic warfare and commercial airborne SATCOM applications.

在本季度，諾斯羅普格魯曼公司在其供應商卓越獎頒獎典禮上將 Qorvo 評為其頂級供應商合作夥伴之一。該獎項旨在表彰 Qorvo 提供的美國 Baw 濾波器技術，增強美國及其盟友的國家安全。我們也被 BAE 系統公司認可為機載電子戰和商用機載衛星通訊應用的重要供應商。

Looking at our defense business broadly, governments around the world are allocating a higher percentage of GDP to defense spending. And Qorvo is critical to many of the highest priority programs. We view this as a multi-year tailwind to revenue and diversification.

從廣義來看我們的國防業務，世界各國政府都把更高比例的GDP用於國防開支。Qorvo 對於許多最高優先順序的專案來說都至關重要。我們認為這對收入和多元化來說是多年的順風。

Also during the quarter, we launched Next Generation Silicon, Ku-Band, SATCOM beamformer ICs for phase array-based SATCOM user terminals. There's robust demand for high-speed, reliable connectivity around the globe, and the SATCOM terminal market is expected to see very strong growth over the next several years.

此外，在本季度，我們還推出了基於相控陣的衛星通訊用戶終端的下一代矽、Ku 波段、衛星通訊波束形成器積體電路。全球對高速、可靠連接的需求強勁，預計未來幾年衛星通訊終端市場將出現非常強勁的成長。

In industrial and enterprise markets, customer demand continues to grow for Qorvo's data center power management ICs. We are leveraging our performance, leadership, and client SSDs as we pivot to higher value SSD opportunities in enterprise and AI data centers. We also began sampling our next generation motor drive SOC for industrial applications.

在工業和企業市場，客戶對 Qorvo 資料中心電源管理 IC 的需求持續成長。我們正在利用我們的效能、領導力和客戶端 SSD，轉向企業和 AI 資料中心中更高價值的 SSD 機會。我們也開始為工業應用提供下一代馬達驅動 SOC 樣品。

The motor drive SSD integrates our third generation microcontroller with our analog front end. Qorvo pioneered arm-based motor drive SSDs over a decade ago, and commercial availability of our newest offering is expected next year.

馬達驅動 SSD 將我們的第三代微控制器與我們的類比前端整合在一起。十多年前，Qorvo 率先推出了基於 Arm 的馬達驅動 SSD，我們的最新產品預計將於明年投入商業使用。

To continue growing our power franchise and deliver added flexibility to customer designs, we expanded our power management portfolio to include a brushless DC motor driver that pairs with a variety of MCUs and is optimized.

為了繼續擴大我們的電源特許經營權並為客戶設計提供更大的靈活性，我們擴展了我們的電源管理產品組合，包括與各種 MCU 配對並經過優化的無刷直流馬達驅動器。

For a broad range of applications, including power and garden tools, drones, EVs, and e-bikes. Also during the quarter, customers leverage our ultrawide BNSOC to develop a range of monitoring, security, and radar-based fencing applications.

適用於廣泛的應用，包括電動和園藝工具、無人機、電動車和電動自行車。此外，在本季度，客戶利用我們的超寬 BNSOC 開發了一系列監控、安全和基於雷達的圍欄應用程式。

Qorvo's fully integrated ultra low power SSC contains RF processing, memory, and onboard software, and it's optimized to support a broad set of use cases. Radar-based applications include intrusion detection, gesture recognition, vital sign monitoring, and active monitoring and tracking of room occupancy.

Qorvo 完全整合的超低功耗 SSC 包含射頻處理、記憶體和板載軟體，並且經過最佳化，可支援廣泛的用例。基於雷達的應用包括入侵偵測、手勢識別、生命徵象監測以及房間佔用情況的主動監測和追蹤。

Turning to infrastructure, inventories in our base station business have stabilized, and our customer demand for a small signal portfolio has strengthened. We're also in the early stages of DOCSIS 4.0 deployments, where Qorvo is a market leader. During the March quarter, we secured a new design with with a leading broadband supplier headquartered in Europe.

談到基礎設施，我們的基地台業務庫存已經穩定，客戶對小訊號組合的需求也得到了加強。我們也處於 DOCSIS 4.0 部署的早期階段，Qorvo 是該市場的領導者。在三月季度，我們與總部位於歐洲的領先寬頻供應商達成了新的設計協議。

In Mobile, we expanded our opportunity and our largest customer beyond discrete components like tuners and integrated placements such as ultra high band pads with the production ramp of our envelope tracking power management solutions.

在行動領域，隨著包絡追蹤電源管理解決方案的量產，我們擴大了機會和最大客戶，不再局限於調諧器等分立元件和超高頻帶墊等整合元件。

Qorvo played a critical role in supporting this customer's spring phone launch. Our ET solution is mated with their internal base band, and this represents a key design win and a durable multi-year content opportunity.

Qorvo 在支援該客戶春季手機發布方面發揮了關鍵作用。我們的 ET 解決方案與他們的內部基帶相匹配，這代表著關鍵的設計勝利和持久的多年內容機會。

For our largest customer, we're doing what we said during our investor day, which is to invest more and win more. For the upcoming fall launch, we've been awarded design wins supporting greater than 10% year-over-year content growth, and we are addressing additional content in future programs over multiple years.

對於我們最大的客戶，我們正在按照投資者日時所說的去做，那就是投入更多，贏得更多。對於即將在秋季推出的產品，我們已獲得設計方面的獎勵，支援內容同比增長超過 10%，並且我們將在未來幾年內解決未來計劃中的更多內容。

At our second largest smartphone customer, Qorvo design wins this year span our product portfolio. We are broadly represented in flagship and mid-tier smartphone launches, ramping now and in additional programs launching throughout the year.

在我們的第二大智慧型手機客戶 Qorvo，今年的設計勝利涵蓋了我們的產品組合。我們廣泛參與旗艦和中階智慧型手機的發布，目前正在加大力度，並在全年推出其他項目。

Design wins in 2025 include low-band, mid-high band and ultra high band pads, as well as mid-high secondary transmit, antenna tuning, discrete filters, and Wi-Fi 7 fans. We also secured Wi-Fi 7 design wins in support of multiple Android smartphone OEMs, and we are engaged on Wi-Fi 8 development with mobile Wi-Fi chipset providers.

2025 年的設計成果包括低頻段、中高頻段和超高頻段墊，以及中高二次發射、天線調諧、分立濾波器和 Wi-Fi 7 風扇。我們還贏得了 Wi-Fi 7 設計，以支援多家 Android 智慧型手機 OEM，並且我們正在與行動 Wi-Fi 晶片組供應商合作開發 Wi-Fi 8。

For Android OEMs based in China, shipments during the quarter supported 5G smartphones across the mid, premium, and flagship tiers. But we continue to shift mid-tier design wins customers awarded to Qorvo prior to our pivot. All 5G product development and ACG is focused exclusively on premium and flagship tiers.

對於位於中國的 Android OEM 廠商而言，本季的出貨量支援中階、高階和旗艦級 5G 智慧型手機。但我們繼續將客戶在我們轉型之前授予 Qorvo 的中端設計勝利轉移。所有 5G 產品開發和 ACG 都專注於高階和旗艦級。

In summary, we are seeing the positive effects of the actions taken to improve our performance. In HPA, a portion of the savings from our strategic exits of base stationams and silicon carbide is supporting growth in our defense and aerospace as well as our power management franchise.

總而言之，我們看到了為提高績效而採取的行動所產生的正面效果。在HPA領域，我們透過策略性退出基地台和碳化矽節省的部分資金將用於支持我們的國防和航空航太以及電源管理特許經營業務的成長。

In CSG we're leveraging decades of leadership in RF solutions, exceptional customer relationships and our core R&D to broaden and accelerate growth in automotive connectivity and SOCs for Ultra-Wideband and matter.

在 CSG，我們利用數十年的 RF 解決方案領導地位、卓越的客戶關係和核心研發來拓寬和加速汽車連接以及超寬頻和物質 SOC 的成長。

In ACG we've expanded our product portfolio for our largest customer with a successful ran of ET power management, and we expect to build upon this with greater than 10% year-over-year content growth in our largest customers all 2025 launch.

在 ACG 中，我們透過成功運行 ET 電源管理為我們最大的客戶擴展了我們的產品組合，並且我們預計在此基礎上，到 2025 年，我們最大的客戶的產品內容年增長率將超過 10%。

And with that, I'll turn the call over to Grant.

說完這些，我會把電話轉給格蘭特。

Thanks, Bob, and good afternoon, everyone.

謝謝，鮑勃，大家下午好。

We delivered solid results for the March quarter, exceeding the midpoint of our guidance with revenue of $869 million and non-GAAP diluted earnings of $1.42 per share.

我們在三月季度取得了穩健的業績，超過了預期中位數，營收為 8.69 億美元，非 GAAP 稀釋每股收益為 1.42 美元。

Similarly, non-GAAP gross margin of 45.9% and non-GAAP operating expenses of $247 million were also better than the midpoint of our guidance, reflecting continued cost discipline across COGS and OpEx, including recent restructuring actions.

同樣，非公認會計準則毛利率為 45.9%，非公認會計準則營運費用為 2.47 億美元，也高於我們預期的中位數，這反映了對 COGS 和 OpEx 的持續成本控制，包括最近的重組行動。

In the March quarter, our largest customer represented approximately 43% of total revenue. For the full year of fiscal 2025, our two largest customers represented 47% and 10% respectively. For fiscal '25 in total, we achieved revenue of $3.7 billion and non-GAAP gross margin of 45.2%, up approximately 70 basis points compared to fiscal '24, which is consistent with our commentary last year when we guided to year-over-year improvement.

在三月季度，我們最大的客戶約佔總收入的 43%。2025財年全年，我們最大的兩位客戶分別佔47%和10%。25 財年全年，我們實現了 37 億美元的收入，非 GAAP 毛利率為 45.2%，較 24 財年增長約 70 個基點，這與我們去年預期的同比增長一致。

On the balance sheet as a quarter ends, we held approximately $1 billion in cash and equivalents. We currently have approximately $1.5 billion in long-term debt remaining and no near-term maturities. We ended the quarter with a net inventory balance of $641 million. This represents a decrease of $15 million sequentially and a decrease of $70 million on a year-over-year basis.

在一個季度末的資產負債表上，我們持有約 10 億美元的現金和等價物。我們目前剩餘的長期債務約為 15 億美元，沒有短期到期債務。本季末，我們的淨庫存餘額為 6.41 億美元。這意味著環比減少 1500 萬美元，比去年同期減少 7000 萬美元。

Turning to the cash flow statement in the fourth quarter, we generated operating cash flow of approximately $200 million and CapEx of $29 million which resulted in free cash flow of $171 million. For fiscal '25 in total, we generated free cash flow of $485 million returned over $350 million to shareholders via share repurchases, and retired over $400 million of debt.

談到第四季的現金流量表，我們產生了約 2 億美元的營運現金流和 2,900 萬美元的資本支出，產生了 1.71 億美元的自由現金流。在整個 25 財年，我們產生了 4.85 億美元的自由現金流，透過股票回購向股東返還了超過 3.5 億美元，並償還了超過 4 億美元的債務。

Regarding our outlook for the current quarter, we are providing forward-looking quarterly guidance despite the continued uncertainty surrounding tariffs and broader macroeconomic conditions. Our view reflects numerous underlying assumptions, including those related to a dynamic global trade environment and ongoing supply chain challenges.

關於我們對本季的展望，儘管關稅和更廣泛的宏觀經濟狀況仍然存在不確定性，但我們仍提供前瞻性的季度指引。我們的觀點反映了許多基本假設，包括與動態的全球貿易環境和持續的供應鏈挑戰相關的假設。

For reference, in our June quarter guidance, we have assumed a direct tariff-related impact of less than $1 million. This represents a historical run rate plus relevant new tariffs that will impact the quarter. Beyond the June quarter, if the 90-day pause is not extended, relevant exemptions expire, and other retaliatory tariffs become permanent, we expect the direct tariff impact could rise to high single digit millions per quarter in total across COGS, OpEx, and CapEx.

作為參考，在我們的六月季度指引中，我們假設與關稅相關的直接影響不到 100 萬美元。這代表了歷史運作率加上將影響本季的相關新關稅。6 月季度之後，如果 90 天的暫停期不延長、相關豁免到期以及其他報復性關稅成為永久性措施，我們預計直接關稅影響可能會上升至每季總銷貨成本、營運支出和資本支出高達數百萬美元。

While the timing and scope of these changes remain uncertain, we are actively monitoring the situation, working closely with customers, and taking action to mitigate the impact. With that context, our expectations for the June quarter are as follows revenue of approximately $775 million plus or minus $25 million non-GAAP gross margin between 42% and 44%. And non-GAAP diluted EPS between $0.50 and $0.75.

雖然這些變化的時間和範圍仍不確定，但我們正在積極監控情況，與客戶密切合作，並採取行動減輕影響。基於此，我們對 6 月季度的預期是：營收約為 7.75 億美元，上下浮動 2,500 萬美元，非 GAAP 毛利率在 42% 至 44% 之間。非公認會計準則稀釋每股收益在 0.50 美元至 0.75 美元之間。

As expressed during our previous call, the June quarter has multiple seasonal items to consider. June is the lowest seasonal quarter for our largest customer, and we are on the other side of the Galaxy ramp at Samsung.

正如我們上次電話會議中所表達的，六月季度有多個季節性項目需要考慮。對於我們最大的客戶來說，六月是季節性最低的季度，而我們位於三星 Galaxy 產品線的另一側。

Like prior years, our D&A business will be down sequentially in June due to program timing. However, given the strength in bookings activity, our expectations for revenue in the June quarter are higher than what we anticipated when we provided guidance last quarter.

與往年一樣，由於專案時間安排的原因，我們的 D&A 業務在 6 月將連續下降。然而，鑑於預訂活動的強勁，我們對 6 月季度營收的預期高於上個季度提供指引時的預期。

We project non-GAAP operating expenses in the June quarter to be approximately $250 million. This includes other operating expense of $1 million to $2 million associated with the residual portions of our digital transformation project and other related items.

我們預計 6 月季度的非 GAAP 營運費用約為 2.5 億美元。這包括與我們的數位轉型專案剩餘部分和其他相關項目相關的 100 萬至 200 萬美元的其他營運費用。

Below the operating income line, non-operating expense is expected to be between $10 million and $12 million, reflecting interest paid on our fixed rate debt offset by interest income earned on our cash balances, affects gains or losses, along with other items.

在營業收入線以下，非營業支出預計在 1000 萬美元至 1200 萬美元之間，反映了我們固定利率債務支付的利息被我們現金餘額賺取的利息收入所抵消，影響收益或損失以及其他項目。

Our non-GAAP tax rate for fiscal '26 is expected to be between 18% and 19%. However, the impact of global minimum tax legislation for US-based companies under the new administration, as well as changes to international tax policy, remain uncertain.

我們預計 26 財年的非 GAAP 稅率在 18% 至 19% 之間。然而，新政府對美國公司的全球最低稅立法以及國際稅收政策的變化的影響仍不確定。

Qorvo continues to execute on initiatives to improve revenue mix and gross margin with contributions anticipated from each business segment. Beginning with ACG, we expect to enhance margins and reduce variability as our portfolio management efforts and pricing strategies reduce our exposure to mass tier Android 5G. In HPA, the divestiture of our silicon carbide business is a margin, accretive move, as is the expected growth within D&A.

Qorvo 將繼續實施改善收入結構和毛利率的計劃，並預期每個業務部門都會做出貢獻。從 ACG 開始，我們預計利潤率將提高，波動性將降低，因為我們的投資組合管理工作和定價策略減少了我們對大眾級 Android 5G 的曝險。在 HPA 中，剝離我們的碳化矽業務是一項利潤成長舉措，正如 D&A 內部的預期成長一樣。

In CSG, gross margin will increase given the relocation of gas production to our high volume Oregon site, and we expect operating margin will continue to improve as our SOC and automotive connectivity businesses scale.

在 CSG，由於天然氣生產遷移至我們位於俄勒岡州的高產量工廠，毛利率將會增加，我們預計，隨著我們的 SOC 和汽車連接業務規模擴大，營業利潤率將繼續提高。

Additionally, we expect to expand gross margin in CSG as we transition our UWB products to external foundries from a 40 nanometer to a 22 nanometer production process.

此外，隨著我們將 UWB 產品從 40 奈米生產製程過渡到外部代工廠，我們預計 CSG 的毛利率將有所提高。

Qorvo's manufacturing strategy is to internally produce only the most differentiated elements of our products to geographically align production with customers and suppliers and leverage the scale, capabilities and cost effectiveness of our outsourced partners.

Qorvo 的製造策略是內部僅生產我們產品中最具差異化的元素，以便在地理上與客戶和供應商保持一致的生產，並利用我們外包合作夥伴的規模、能力和成本效益。

For reference, over two-third of our production costs are external. This includes procured raw materials, wafers purchased from external foundries, as well as packaging, assembly and test services provided by our OSAT partners.

作為參考，我們的生產成本有三分之二以上來自外部。這包括採購原料、從外部代工廠購買的晶圓，以及我們的 OSAT 合作夥伴提供的封裝、組裝和測試服務。

We continuously evaluate opportunities to reduce our capital intensity and product costs. As another step in this direction, we have decided to close our facility in Costa Rica to further consolidate our footprint and move closer to our customers and external manufacturing partners. The complexity of our solutions coupled with global RF compliance requirements and multi-year design cycles require considerable collaboration with our customers.

我們不斷評估降低資本強度和產品成本的機會。作為朝著這個方向邁出的又一步，我們決定關閉位於哥斯達黎加的工廠，以進一步鞏固我們的業務範圍，並更加貼近我們的客戶和外部製造合作夥伴。我們的解決方案非常複雜，加上全球射頻合規性要求和多年的設計週期，需要與客戶進行大量合作。

We are working closely with our customers and the team in Costa Rica to ensure a smooth transition and expect this action to be completed early next calendar year. Regarding operating expenses, as a part of our ongoing efforts to drive operational efficiency and align our cost structure with long-term strategic priorities, we executed a meaningful workforce reduction late last year.

我們正在與客戶和哥斯達黎加團隊密切合作，以確保順利過渡，並預計這項行動將於明年年初完成。關於營運費用，作為我們持續努力提高營運效率並使成本結構與長期策略重點保持一致的一部分，我們在去年年底進行了一次有意義的裁員。

This action was primarily focused on our mass market Android business and the related corporate support functions. In parallel, we streamlined our digital transformation efforts, canceling elements of the project to ensure the scope aligns with the anticipated economic benefits.

此次行動主要針對我們的大眾市場 Android 業務和相關的企業支援功能。同時，我們簡化了數位轉型工作，取消了專案的部分內容，以確保範圍與預期的經濟效益一致。

Finally, we sold our silicon carbide business, which will be accreted to both growth and operating margins in fiscal '26. We remain committed to optimizing our portfolio and regularly evaluate each of our investment areas. Where businesses do not meet our financial or strategic objectives, we will continue to act decisively, whether through divestiture or exit to focus our resources on core high performing areas.

最後，我們出售了碳化矽業務，這將在26財年帶來成長和營業利潤率的提升。我們始終致力於優化我們的投資組合併定期評估我們的每個投資領域。如果業務未能滿足我們的財務或策略目標，我們將繼續採取果斷行動，無論是透過剝離或退出，將我們的資源集中在核心高績效領域。

We're confident that the steps we are taking today across our product portfolio, business segments, and manufacturing footprint enable us to expand growth, profitability, and diversification. We're reducing capital intensity and focusing our internal production only where it differentiates our products. The benefits of these strategic actions will become increasingly evident as we advance through fiscal '26 and into fiscal '27.

我們相信，我們今天在產品組合、業務部門和製造足跡方面採取的措施使我們能夠擴大成長、獲利能力和多樣化。我們正在降低資本密集度，並將內部生產重點放在能夠使我們的產品與眾不同的地方。隨著我們進入26財年和27財年，這些策略行動的好處將變得越來越明顯。

Before we open up the call for questions, I'd like to reiterate that the purpose of today's call is to discuss our fourth quarter results and outlook. We appreciate you keeping your questions focused on those topics. At this time, please open the line for questions.

在我們開始提問之前，我想重申一下，今天電話會議的目的是討論我們第四季的業績和展望。我們感謝您將問題集中在這些主題上。此時，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Thomas O’Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

Hey, guys, thanks for taking my question and congrats on the nice results. I wanted to ask about the commentary on content with the largest smartphone customer. Obviously, that's a really nice forecast for the year.

嘿，夥計們，感謝你們回答我的問題，並祝賀你們取得了好成績。我想詢問一下最大的智慧型手機客戶對內容的評論。顯然，這對今年來說是一個非常好的預測。

Could you talk about, things that are driving that obviously you have an ET chip that's coming into play, but also you would be concerned in like a broader environment that there may be pricing headwinds. Maybe just broadly, can you talk about your Largest customers and if you're facing any sort of pricing squeeze over the next couple of quarters or if you're able to offset that in any way, I just want to understand the context there?

您能否談談推動 ET 晶片發揮作用的因素，但您是否擔心在更廣泛的環境中可能會出現定價阻力。也許只是廣泛地，您能否談談您的最大客戶，以及您在接下來的幾個季度中是否面臨任何形式的價格擠壓，或者您是否能夠以任何方式抵消這種擠壓，我只是想了解那裡的背景？

Sure, thanks, Tom. I think we'll go ahead and let Frank Stewart who runs the business go ahead and answer your question for you.

當然，謝謝，湯姆。我想我們會繼續，讓經營該業務的弗蘭克斯圖爾特繼續回答您的問題。

Yeah, so, hey Tom, maybe I'll start with the largest customer side of your questions. So yeah, we're really excited about the fall launch upcoming, really proud of what the team accomplished and capturing content there across multiple product categories. It covers things that you know well, antenna tuning and switches. We've added filters there.

是的，嘿，湯姆，也許我會從你問題中最大的客戶方面開始。所以，是的，我們對即將到來的秋季發布會感到非常興奮，並對團隊所取得的成就以及在多個產品類別中捕捉到的內容感到非常自豪。它涵蓋了您所熟悉的內容，天線調諧和開關。我們在那裡添加了過濾器。

We've continued to be strong in our ultra high band content and as we talked about for the spring launch, we're going to enjoy some envelope tracking content in those models as well.

我們在超高頻段內容方面繼續保持強勁勢頭，正如我們在春季發布會上談到的那樣，我們也將在這些型號中享受一些包絡追蹤內容。

They don't talk about how things going to Samsung as well.

他們也沒有談論三星的情況如何。

Yeah, and I think Tom asked about pricing too. I mean, so we, we've talked a lot about what's been going on in the mass here and the challenges that we face there, so we, we've been, exiting that part of the business. We still see in that premium flagship here it's about performance and that's where we're competing.

是的，我認為湯姆也詢問了價格問題。我的意思是，我們已經談了很多關於這裡發生的事情以及我們面臨的挑戰，所以我們一直在退出這部分業務。我們仍然認為這款高階旗艦產品注重的是性能，而這正是我們競爭的地方。

And so like Bob mentioned on the call, we had some nice content in the, in our Galaxy S25 ram. Still some phones coming in that platform that are yet to ramp. And then we talked last quarter, I think about our content in the second half flagships.

正如鮑勃在電話中提到的那樣，我們的 Galaxy S25 RAM 中有一些不錯的內容。該平台上仍有一些手機尚未上市。然後我們談到了上個季度，我想到了我們下半年旗艦產品的內容。

This is kind of a flip and fold and Fan edition type models and we had pretty low content last year. We said we were going to win that back and we have so we had, less than $1 of content last year and we've got multiple dollars of contents very similar to what we have in the S25 ramping in the second half of the year, so we feel pretty good about our position there.

這是一種翻轉、折疊和扇形版類型的模型，去年我們的內容相當少。我們說過要贏回這些收入，我們也確實做到了，去年我們的內容收入不到 1 美元，而今年下半年我們的內容收入將達到數美元，與 S25 非常相似，因此我們對自己在該市場的地位感到非常滿意。

Super helpful on the color. Just on the fiscal year you guys had kind of previously talked about a little bit of a decline. So one side of things, it sounds like, you're seeing some real strength and then on the Android side, you're obviously being more strategic in where you invest.

對顏色非常有幫助。就在財政年度，你們之前曾談到過略有下滑的情況。因此，從一方面來看，您似乎看到了一些真正的優勢，而在 Android 方面，您在投資方面顯然更具策略性。

If you look at like the cadence for the year. Which is something that I think, is a little difficult to kind of model and look at how fast should we be seeing Android fall off just because it looks like in the March quarter, you actually had a little bit of an uptick there. Is that, last time buys, and then how quickly is that going to fall off throughout the year?

如果你看一下今年的節奏。我認為，這有點難以建模，也很難看出我們應該以多快的速度看到 Android 的下滑，因為看起來在 3 月份季度，Android 的銷量實際上出現了一點上升。這是上次購買嗎？那麼全年的下降速度會有多快？

Thanks, Tom. This is Bob. Actually, we're going to see a little bit of an uptick, this quarter in June, which is typically consistent with the last three years. We typically see Android up as a percent of sales in our business and it's going to be up slightly in dollars. But, it's going to depending on what new phones that are launched that we're in and, the decline in some of the master phones are ramping down, and we're also, we're enjoying good business.

謝謝，湯姆。這是鮑伯。實際上，本季 6 月我們將看到略有上升的趨勢，這通常與過去三年的情況一致。我們通常認為 Android 在我們業務中的銷售額佔比會上升，而且以美元計算的話，這一數字也會略有上升。但是，這將取決於我們推出的新手機，以及一些主手機銷量下滑的趨勢，而且我們的業務也表現良好。

We talked about some of the US customers, that being Google, obviously, we're doing well there as they ramp, Dave mentioned other phones, so it has all to do with the timing of new phones and how well they sell, but it is going to decline year-over-year, as we said. We're not backing away from that change.

我們談到了一些美國客戶，其中顯然是谷歌，隨著他們的發展，我們在那裡做得很好，戴夫提到了其他手機，所以這都與新手機的推出時機和銷售情況有關，但正如我們所說的那樣，它將逐年下降。我們不會拒絕這項改變。

Thank you guys.

謝謝你們。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾、派珀·桑德勒。

Yeah, hey guys, congratulations also on very nice quarter and resolve. Bob, maybe you could clarify something for us. You mentioned that you want an ET solution, on the internal base ban for a customer. Are you sharing this with somebody? And then secondly, you also talked about, sort of a nice double digit kind of content increase.

是的，嘿夥計們，也祝賀你們取得了非常好的季度成績和決心。鮑勃，也許你可以為我們澄清一些事情。您提到您想要一個 ET 解決方案，針對客戶的內部基礎禁令。您正在與他人分享這個嗎？其次，您也談到了內容的兩位數成長。

So is the content increase coming because the base brand is moving to other models or is it coming because you're also, winning stuff across the Board and other categories as well? Just and then I will follow up.

那麼，內容的增加是因為基礎品牌正在轉向其他模式，還是因為你們也在各個領域和其他類別中獲勝？然後我就會跟進。

Yeah, thanks, Harsh. I'll go ahead and take the second question. I mean, as Frank's already outlined, we picked up some share in a number of different buckets, so we'll start there. And ET PMIC we are sole source. We've been sole sourced when that At first, the base band started at Infineon that they use, then it went to Intel, and now it's the inner modem.

是的，謝謝，Harsh。我繼續回答第二個問題。我的意思是，正如弗蘭克已經概述的那樣，我們在許多不同的領域中獲得了一定的份額，所以我們將從那裡開始。我們是 ET PMIC 的唯一來源。起初，基頻是從他們使用的英飛凌開始供應的，後來轉到了英特爾，現在是內部調製解調器。

So we continue to be sole sourced. It's a highly iterative process. They're very integral to work with the base band. And as and I'll just use Qualcomm as an example, they were very tightly coupled with their own ET PIMIC and it's the same way with the space band.

因此我們繼續採用單一來源。這是一個高度迭代的過程。它們對於基帶的配合非常重要。我就以高通為例，他們與自己的 ET PIMIC 緊密結合，太空波段也是如此。

Understood, thank you. And then, Bob, another clarification, I guess curious what you're seeing with your largest customers. There's been a lot of reports of pull forward companies, I don't blame them, but a lot of companies are doing stuff to avoid tariffs.

明白了，謝謝。然後，鮑勃，另一個澄清，我好奇你對你最大的客戶的看法。有很多關於提前徵收關稅公司的報道，我並不怪他們，但很多公司都在採取措施來逃避關稅。

I guess curious if you are seeing that and you think your results are reflecting that. And if that's the case, when do you think you go back to normal or maybe you're not seeing it? I'd just love to to understand what's happening.

我很好奇您是否看到了這一點，並認為您的結果反映了這一點。如果情況確實如此，您認為什麼時候才能恢復正常，或者也許您還沒有看到恢復正常？我只是想了解到底發生了什麼事。

Yeah, I think one thing that people need to keep in mind here is they did launch a spring phone which they typically don't. And when you launch a new phone, you typically produce more to go ahead and stock your channels, so you get ready for the sell through and we're expecting that to come down next quarter, which is typical when you launch a new phone.

是的，我認為人們需要記住的一件事是，他們確實推出了一款春季手機，而通常他們不會這樣做。當你推出新手機時，你通常會生產更多手機來滿足通路庫存，從而為銷售做好準備，我們預計下個季度的銷售量會下降，這在推出新手機時很常見。

So from that perspective, it's pretty normal and when I look at the overall business. We some things move in the quarters, some things move up the quarter, kind of normal, so I'll stop there harsh. I mean, we're not seeing anything massive moving one way or another right now.

所以從這個角度來看，這很正常，而且從我的角度來看整個業務也是如此。有些事情在本季有所進展，有些事情在本季有所提升，這很正常，所以我就此打住。我的意思是，我們現在沒有看到任何大規模的動向。

Yeah, no, I would reiterate that. I think we've seen some modest activity. It's only notable in light of the tariff environment but not meaningful in terms of dollars, primarily smartphones generally, but nothing that suggests customers are overreacting and in terms of pushing or excuse me, pushouts or pull-ins in every quarter, so nothing abnormal there.

是的，不，我要重申這一點。我認為我們已經看到了一些適度的活動。這只是在關稅環境下才值得注意，但在美元方面並不重要，主要是智慧型手機，但這並不意味著客戶反應過度，而且在每個季度都推或對不起，推或拉，所以沒有什麼不正常的。

Appreciate it guys. Congrats again.

感謝你們。再次恭喜。

Chris Caso, Wolfe Research.

克里斯‧卡索（Chris Caso），沃爾夫研究公司。

Yes, thank you.

是的，謝謝。

Good evening. I guess the first question is regarding some of your comments about the direct tariff impact if if things aren't positive, you talked about high single digit millions. Can you detail a little bit more of what your assumptions are behind that?

晚安.我想第一個問題是關於您對直接關稅影響的一些評論，如果情況不太積極，您談到的直接關稅影響將達到數百萬。能否詳細說明一下這背後的假設？

What do you mean by that? And just in general, there's a lot of uncertainty with tariffs in the US, there's some concern about, what tariffs may be charged and what might be paused going into China. Can you just kind of update us on your position and what your assumptions are right now?

你這是什麼意思？整體而言，美國的關稅存在著許多不確定性，人們擔心哪些產品可能會被徵收關稅，哪些產品進入中國可能會被暫停徵收關稅。您能否向我們簡單介紹一下您的立場以及您目前的假設？

Hey Chris, this is Grant. Let me spend some time on this one because I think it's an important question, the first part of it there is the assumptions themselves, at least in the high single digit million. I wouldn't necessarily think of us as, anticipating any twists or turns in the tariff environment. It's probably unknowable, but you could think of if all the worst things that we know of today would work against us, that would be how we would size it.

嘿克里斯，我是格蘭特。讓我花一些時間來討論這個問題，因為我認為這是一個重要的問題，它的第一部分是假設本身，至少在數千萬的高位。我不認為我們一定會預見關稅環境的任何曲折或轉變。這或許是不可知的，但你可以想想，如果我們今天所知的所有最糟糕的事情都會對我們不利，我們就會這樣來衡量它。

It's an unlikely scenario, but wanted to highlight just, in the grand scheme of things, how small the overall impact could be and maybe on that front, how we think about the tariff environment, it does remain dynamic and unpredictable, but, I can start there and then, we could talk a little bit about how we're managing it.

這種情況不太可能發生，但我只想強調，從總體來看，整體影響可能很小，也許在這方面，我們如何看待關稅環境，它確實仍然是動態的和不可預測的，但是，我可以從這裡開始，然後我們可以談談我們如何管理它。

We've had mitigation measures in place for quite a number of years and today we continue to leverage the same tools, but again, the situation is fluid as we pointed out in my prepared remarks in the June quarter, we've got about a million dollars there or less than that and it Represents a historical run rate plus some of the new tariffs that are relevant in the quarter that's across all of COGS, OpEx and CapEx.

我們已經實施了相當多的緩解措施，今天我們繼續利用相同的工具，但正如我們在 6 月份季度的準備好的發言中指出的那樣，情況是不斷變化的，我們在那里大約有一百萬美元或更少，它代表了歷史運行率加上本季度相關的一些新關稅，涵蓋了所有的 COGS、OpEx 和 CapEx。

So it's probably better than fear, they're complex as the, what goods they apply to how they're calculated, and who pays them, all depends on the countries involved, the nature of the products, and relevant commercial terms so it's specific to any given company.

所以這可能比恐懼更好，它們很複雜，因為它們適用於什麼商品，如何計算，誰支付，都取決於所涉及的國家，產品的性質和相關的商業條款，因此它對於任何特定的公司都是特定的。

Regardless, you should know that we're not disadvantaged due to our geographic presence. We have a hybrid manufacturing footprint, multiple qualified flows, and a lot of flexibility in how we serve our customers. But, that said, maybe a little bit of detail, I could break it into maybe four categories for you.

無論如何，您應該知道，我們的地理位置並不會讓我們處於不利地位。我們擁有混合製造足跡、多種合格流程以及為客戶提供服務的巨大靈活性。但是，話雖如此，也許稍微詳細一點，我可以把它分成四個類別。

The first would be US to US where a meaningful amount of our revenue comes from products that we manufacture in the US and then we sell to US customers. Our defense business is a good example of that, and it's sizable.

第一個是美國對美國，我們很大一部分的收入來自於我們在美國生產然後銷售給美國客戶的產品。我們的國防業務就是一個很好的例子，而且規模相當大。

It has some exposure related to input costs such as aluminium, but generally very little tariff exposure. The international to US, in that case, there isn't much product that comes back into the US that's subject to tariffs. However, tariffs do increase the acquisition cost for factory equipment. So in that particular scenario, the impact is largely CapEx related.

它有一些與鋁等投入成本相關的風險，但總體而言關稅風險很小。在這種情況下，從國際市場到美國，返回美國並受關稅影響的產品並不多。然而，關稅確實增加了工廠設備的採購成本。因此，在特定情況下，影響主要與資本支出有關。

In an international to international scenario, we generate revenue from products that are built and sold outside the US. So for example, our tuners and ET PIMIC makes are fabbed at non-US silicon foundries and then sold to international customers and contract manufacturers. So that's a good example of things that that are on that international to international exposure.

在國際對國際的場景中，我們從在美國境外生產和銷售的產品中獲得收入。例如，我們的調諧器和 ET PIMIC 是在非美國矽片代工廠生產的，然後出售給國際客戶和合約製造商。這是國際化視野下的事物的一個很好的例子。

And then lastly, probably the most misunderstood is the US to international category. In this case, our integrated module business is a good example. We produce intermediate goods such as wafers that contain our filters and PAs at our US facilities, and then we ship those to bonded free trade zones. Once in Asia, ROA partners integrate, those with a considerable amount of other content, non-US components such as laminate capacitors, etc.

最後，可能最容易被誤解的就是從美國到國際的類別。在這種情況下，我們的整合模組業務就是一個很好的例子。我們在美國工廠生產包含過濾器和功率放大器的晶圓等中間產品，然後將其運送到保稅自由貿易區。一旦進入亞洲，ROA 合作夥伴就會整合那些擁有大量其他內容、非美國組件（如層壓電容器等）的合作夥伴。

The bill of material contains dozens and dozens of components and they substantially transform those raw materials into some finished goods. So that when the card is actually built during assembly, that is where we, the substantial transformation occurs in the country of origin is designated.

物料清單包含數十種組件，它們將這些原料轉化為一些成品。因此，當卡片在組裝過程中實際建構時，也就是我們在指定的原產國進行實質轉變的地方。

So we're actually, made in China, sold in China, if you will, so there's no noticeable impact. Obviously the tariffs are complicated and we're managing it, but I think it comes down to each company's particular circumstances, the overall impact being generally small today.

因此，我們實際上是在中國製造、在中國銷售的，所以沒有明顯的影響。顯然，關稅很複雜，我們正在管理它，但我認為這取決於每個公司的具體情況，目前整體影響通常較小。

Obviously there could be some broader demand-related impacts, but, just insofar as the direct impacts, I think that helps shape Qorvo's exposure for you. We have a lot of options and flexibility and we'll continue to leverage those.

顯然，可能會有一些與需求相關的更廣泛的影響，但就直接影響而言，我認為這有助於為您塑造 Qorvo 的曝光。我們有很多選擇和靈活性，我們將繼續利用這些。

That's very helpful and thank you very much for the detailed answer. For my follow up, I guess I wanted to get to the fiscal '26 guidance, and you had mentioned, so, and I guess perhaps it wasn't guidance, but it was, some indication of, kind of flat revenue, 150 basis points, gross margin expansion in the current environment is that still, a good model for us to follow?

這非常有幫助，非常感謝您的詳細回答。對於我的後續問題，我想了解一下 26 財年的指引，您也提到過，所以，我想這可能不是指引，但它是某種跡象，表明在當前環境下，收入持平、毛利率擴張 150 個基點，這仍然是一個值得我們效仿的好模式嗎？

Sure, I'll take that one too, it's probably worth reflecting on it. I'm not going to restate it here, what we said last quarter, but we didn't have overly ambitious forecasts to begin with. So we're making substantive changes to our business this year in fiscal '26, and our commentary has reflected that. We've removed Base Station BOM Silicon Carbide business we've sold and we're exiting $150 million to $200 million worth of lower margin Android business.

當然，我也會選擇這個，它可能值得反思。我不會在這裡重申我們上個季度所說的話，但我們一開始並沒有過於雄心勃勃的預測。因此，我們將在 26 財年對業務進行實質調整，我們的評論也反映了這一點。我們已經移除了已出售的基地台 BOM 碳化矽業務，並且退出了價值 1.5 億至 2 億美元的低利潤率 Android 業務。

So we're making some substantive changes. I mean, if you think of the drivers on the year. D&A is arguably cyclical, but far less correlated to the macroeconomy than perhaps consumer related in markets. Similarly, we're seeing the content that Frank talked about at our largest customer growing over 10% and added a new revenue category there with the ET PIMIC.

因此我們正在做出一些實質的改變。我的意思是，如果你想想今年的車手。D&A 可以說是週期性的，但與宏觀經濟的關聯性遠低於與市場中消費者的關聯性。同樣，我們看到弗蘭克談到的我們最大客戶的內容成長了 10% 以上，並透過 ET PIMIC 增加了一個新的收入類別。

So there's some secular trends here that that we're still seeing that that helped buoy our our perspective on the year, all that said though, we're repositioning the business for long-term success. So fiscal '26 is really more about execution and margin improvement to create diversification opportunities outside of mobile where we're on track.

因此，我們仍然看到這裡的一些長期趨勢有助於支撐我們對今年的看法，儘管如此，我們正在重新定位業務以取得長期成功。因此，26 財年實際上更多的是關於執行和利潤率的提高，以在我們正在走的移動領域之外創造多元化機會。

We haven't seen anything that materially changes our forward view, but acknowledge that there are potential for indirect tariff impacts. I mean, in the meantime, we'll just continue to issue quarter by quarter guidance incorporating all that we know at the time it's issued and executing on the things that are under our control to drive those financial results we talked about last quarter.

我們尚未看到任何實質改變我們前瞻性觀點的事件，但我們承認關稅有可能產生間接影響。我的意思是，與此同時，我們將繼續發布季度指引，將發佈時我們所知道的所有資訊納入其中，並執行我們能夠控制的事情，以推動我們上個季度談到的財務業績。

Got it. Thank you.

知道了。謝謝。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾·阿克曼。

Yes, thank you. I have two, please. First, is your content growth with the largest customer coming from, your attached rate on their own base band or you're also seeing content on third party base bands as well? I have a follow up.

是的，謝謝。請給我兩份。首先，您的內容成長是否與最大的客戶有關，您的附加速率是否來自他們自己的基帶，或者您是否也在第三方基帶上看到內容？我有一個後續行動。

Yeah, hi, this is Frank again. Both, the team did a good job of succeeding on content across the Board. So I think we've been clear that when it comes to our ET team, that is, unique to the internal base band, but the content that we captured on all the other product categories mentioned is broad-based across both.

是的，你好，我又是法蘭克。兩方面，團隊在內容方面都取得了良好的成績。因此，我認為我們已經明確了，當談到我們的 ET 團隊時，這是內部基帶所獨有的，但我們在提到的所有其他產品類別中捕獲的內容在兩者中都是廣泛的。

Helpful, thank you.

有幫助，謝謝。

And then second, where are you on working through previously under absorbed inventory? And do you foresee tariffs, to impact your China-based demand, and I suppose if demand were to moderate, is the margin associated with, the China-based demand higher than corporate averages? So if you could just follow up on that'd be great.

其次，您正在如何處理先前未吸收的庫存？您是否預見關稅會影響您在中國的需求？我想，如果需求放緩，中國需求的利潤率是否會高於企業平均？因此，如果您能跟進這一點就太好了。

Well, we've actually made really good progress bringing down our inventory overall. So, very proud of that. It's unlocking some free cash flow for us. I think it's been a positive trend for us. We didn't overbuild, we, brought utilization down very quickly, quite some number of quarters ago in order to react to it, and we've worked through the inventory levels, successfully.

嗯，我們在降低庫存方面確實取得了很大進展。所以，我對此感到非常自豪。它為我們釋放了一些自由現金流。我認為這對我們來說是一個積極的趨勢。我們沒有過度建設，為了應對這個問題，我們在相當多的季度前就迅速降低了利用率，並且成功地解決了庫存水準問題。

So we don't see anything abnormal from an inventory perspective, or expect there to be a noticeable impact at this point.

因此，從庫存角度來看，我們沒有發現任何異常，也不認為此時會產生明顯的影響。

Thank you.

謝謝。

Srini Pajjuri, Raymond James.

Srini Pajjuri，雷蒙德‧詹姆斯。

Thank you. First, the clarification, and then I have a question on the clarification. You talked about the $150 million to $200 million headwind from exiting the Android, I think low end Android last quarter. Is that still on track? Are you track better or worse? If you can clarify that, then I have a question.

謝謝。首先，澄清一下，然後我對澄清有一個疑問。您談到退出 Android 所帶來的 1.5 億到 2 億美元的逆風，我認為是上個季度的低端 Android。這仍然在進行中嗎？你的軌跡是變好還是變壞了？如果您能澄清這一點，那麼我有一個問題。

Yeah, thanks, sweetie. It's on track, playing out as we expected.

是的，謝謝，親愛的。一切進展順利，正如我們所預期的。

Okay, thank you. And then Bob, on the D&A, it looks like the business has been faring quite well, and some of the trends that you highlighted make a lot of sense.

好的，謝謝。然後鮑勃，關於 D&A，看起來業務進展相當順利，而且您強調的一些趨勢非常有意義。

You also talked about, potentially getting to a $1 billion annual run rate. Could you give us maybe some color as to where the business is today in terms of run rate? And then also, in terms of, product categories and maybe, geographic exposure, if you could give us, because we don't get a lot of details on this business, so I think any color on the business would be helpful in terms of the growth drivers.

您還談到，有可能達到每年 10 億美元的運行率。您能否向我們介紹一下目前業務的運作率？另外，就產品類別和地理分佈而言，如果您可以提供給我們，因為我們沒有獲得有關該業務的很多詳細信息，所以我認為有關該業務的任何細節都會對增長動力有所幫助。

Actually this is Phillip I you know I'll maybe dive into that a little bit as well. So, I think, kind of break down your questions here. So I think, Bob said in his prepared remarks that we have over a $5 billion design wind funnel right now and, we size the business, I believe it was last quarter or so at around $400 million. You know, when you look at our design win funnel, it really is broken pretty evenly between the big in market segments that we kind of play in today.

其實我是菲利普，你知道我可能也會深入探討這個問題。所以，我認為，請在這裡分解一下你的問題。所以我認為，鮑伯在他準備好的發言中說過，我們目前擁有超過 50 億美元的設計風力漏斗，而且我們的業務規模，我相信上個季度約為 4 億美元。你知道，當你查看我們的設計勝利漏斗時，它確實在我們今天參與的大型細分市場中相當均勻地分佈。

And if you look at that's, radar comms, electronic warfare with our solid state TA technology that we have, which is high power RF, space and satellite-based comms, SATCOM differentiating that between space-based, more ground-based, kind of SATCOM terminal business and as well as missile applications, whether that's traditional, hypersonic, so.

如果你看一下，那就是雷達通信、電子戰，採用我們擁有的固態 TA 技術，即高功率射頻、空間和衛星通信、衛星通信，區分基於空間、基於地面的衛星通信終端業務以及導彈應用，無論是傳統的、高超音速的，等等。

We touch a lot, and most of the segments, in the D&A space. And so, when you look at When you look at where we're winning, it's really driven around, this big upgrade cycle that we've been seeing for a while, right? And we, we've talked about it at Investor Day where, whether it's an old, an older asset, whether that's a ship or a plane, it needs upgraded radar capability, whether it's a new system, I mean, they just announced the F-47 as an example, right?

我們涉及 D&A 領域的許多方面，涵蓋了大多數領域。所以，當你看看我們在哪裡獲勝時，你會發現它實際上是由我們已經看到一段時間的這個大型升級週期推動的，對吧？我們在投資者日討論過這個問題，無論是舊的、老舊的資產，無論是輪船還是飛機，都需要升級雷達能力，無論是新系統，我的意思是，他們剛剛宣布了 F-47 作為例子，對吧？

And so that's going to require a lot of advanced radar platforms that, is right technologies that, is what we provide. So. You look at that, the other thing I would say is that, the DOD, hasn't approved, continued resolution right now for FY '25.

因此，這將需要大量先進的雷達平台，也就是我們所提供的技術。所以。你看，我想說的另一件事是，國防部目前還沒有批准 25 財年的持續決議。

If you look at where that is focused, that's focused on deterring China that's focused on deterring China, that's focused on alternative GPS, that's focused on, UAVs, all segments where we play and have, wins in big programs that we can't mention them all, we're under contract like I can't give specifics. The other thing that gets me excited as well, you look at the budget for FY '26, they've already are talking about $150 billion worth of additions over the next few years, to really beef up, advanced technology platforms here in the US.

如果你看看我們的重點，我們專注於威懾中國，專注於替代 GPS，專注於無人機，這些都是我們參與並取得勝利的領域，我們不能一一提及，因為我們有合同，所以我不能透露具體細節。另一件讓我興奮的事情是，看看 26 財年的預算，他們已經談到在未來幾年增加 1500 億美元的資金，以真正加強美國的先進技術平台。

And then I think one of the things that we have in size, because it's relatively new, you look at the foreign military sales and what's happening in Europe with their, kind of rebuilding of their military capability.

然後我認為，由於規模相對較新，所以我們要考慮對外軍售情況，以及歐洲正在發生的軍事能力重建情況。

You know what I'm hearing talked about is that that's a $1 trillion opportunity upgrade over the next few years, over the next 5 to 10 years as they do that. So, today we have, I would say, a meaningful of our revenue and D&A that that's foreign military sales. We're engaged with every one of the key customers in Europe in particular, but not just Europe, outside of Europe as well.

你知道我聽到的是，如果他們這樣做，那麼在未來幾年、在未來 5 到 10 年內，這將是一個價值 1 兆美元的機會升級。所以，我想說，今天我們的收入和折舊攤提中很重要的一部分是對外軍售。我們與歐洲的每位主要客戶都有合作，但不只是歐洲，還有歐洲以外的客戶。

And I think the last thing that I would, well, two last things I'd leave you with one is that. The other area that I think is exciting is you see a lot of these what I call new tech defense players. I won't list them by name, but there's a lot of, new Silicon Valley entrants that are coming in and coming in with new technologies that they're trying to move faster than what they ever have, and we have have really strong partnerships, with those, customers and so I think that's big for us.

我認為最後要告訴你們的兩件事是這樣的。我認為另一個令人興奮的領域是，你會看到很多我稱之為新技術防禦的球員。我不會一一列舉他們的名字，但是有很多新的矽谷進入者帶著新技術進來，他們試圖以比以往任何時候都更快的速度前進，我們與這些客戶建立了非常強大的合作夥伴關係，所以我認為這對我們來說意義重大。

Last thing I would say and again I'm saying this because we don't get to talk about this a lot, is that I want to remind everyone Qorvo is really unique in the space. We have all, most of the key RF technologies on shore that are needed for these platforms, whether that's [GA], whether that's gas, beam forming through our innocu acquisition, Baw filters, low frequency, high frequency, high power solid state PAs.

最後我想說的是，我再次強調這一點，因為我們很少談論這個話題，我想提醒大家 Qorvo 在該領域確實是獨一無二的。我們擁有這些平台所需的大部分岸上關鍵射頻技術，無論是 [GA]、氣體、透過我們的無害採集實現的波束形成、Baw 濾波器、低頻、高頻、高功率固態 PA。

They're critical for electronic warfare applications and we have that advanced art packaging and I can't think of a single other company out there that has all of that in one place, and I think that's why you see such, excitement around it and our funnel really accelerating, over the last, a year or so.

它們對於電子戰應用至關重要，我們擁有先進的藝術包裝，我想不出還有哪家公司能將所有這些都集中在一個地方，我想這就是為什麼你會看到人們對它如此興奮，並且我們的漏斗在過去一年左右的時間裡真正加速發展。

Thanks Phil. Very detailed. I appreciate it.

謝謝菲爾。非常詳細。我很感激。

Edward Snyder, Charter Equity Research. Please go ahead

愛德華·斯奈德（Edward Snyder），憲章公平研究公司。請繼續

Thanks a lot, Grant, based on the number you just gave for your largest customer in the fiscal year, it looks like you were flat year-over-year in total revenue, we can talk different unit volumes, et cetera, but it kind of speaks to maybe -- I know you've gotten some contract gains on the last fall's phone, but it doesn't seem like you got a lot of boost from the spring phone. So one, I want to get your feeling on will the content gains material in unit volume is just weak or why we seeing it kind of flat? And then secondarily, based on -- even our tear down, it looks like your content might have been a little bit light. Without the ET PIMIC, it would have been light on the spring fall, with ET PIMIC, it looks about even maybe still a little bit down. Is that a correct assessment?

非常感謝，格蘭特，根據您剛才給出的本財年最大客戶的數字，看起來您的總收入與去年同期持平，我們可以談論不同的單位數量等等，但這可能說明——我知道您在去年秋季的手機上獲得了一些合同收益，但似乎您並沒有從春季手機中獲得太多的提升。那麼，首先我想了解您的感覺，單位體積中的內容增益是否很弱，或者為什麼我們看到它有點平坦？其次，根據我們的分析，您的內容似乎可能有點少。如果沒有 ET PIMIC，春秋季的降雨量就會很小，有了 ET PIMIC，降雨量看起來甚至可能仍然有點低。這是正確的評估嗎？

And is that the baseline we should expect from the internal modem phone for next -- for this year or next year? And then I have a follow-up.

這是我們對明年（今年或明年）內建數據機手機的預期基準嗎？然後我有一個後續問題。

Yes, this is Frank. Maybe let me take the last one with respect to the 16e that was just released. Maybe I could clarify that is definitely what I would consider one of their consumer SKUs. And we've got different content across different phone types. But for a consumer SKU for Qorvo.

是的，這是弗蘭克。也許讓我就剛剛發布的 16e 選最後一個。也許我可以澄清一下，這絕對是我認為的他們的消費者 SKU 之一。我們針對不同類型的手機提供不同的內容。但對於 Qorvo 來說，這是一個消費級 SKU。

That was actually a pretty good phone for us. We're pretty happy with our dollar content there. So maybe that's the first clarification. I'll let you do your follow-on question, but I've got some more thoughts for you that I'm guessing will correlate.

對我們來說這其實是一款相當不錯的手機。我們對那裡的美元內容非常滿意。這也許就是第一個澄清。我會讓你回答你的後續問題，但我還有一些想法想告訴你，我猜這些想法是相關的。

And then in terms of tariffs, you had several module houses, correct me if I'm wrong, but in your latest filings, you had module assembly in Costa Rica, Korea, Germany and China. You closed Costa Rica to consolidate. I understand that's an old facility. Does that mean most of this stuff will shift to Asia? Or are you going to try to distribute, how are you working that business?

然後就關稅而言，你們有幾家模組工廠，如果我錯了請糾正我，但在你們最新的文件中，你們在哥斯達黎加、韓國、德國和中國都有模組組裝廠。您關閉了哥斯達黎加市場以進行鞏固。我知道那是一個舊設施。這是否意味著大部分貨物將轉移到亞洲？或者您要嘗試分銷，您如何開展這項業務？

Because that seems to be a critical factor in determining where the tariffs are going to wind up in the end.

因為這似乎是決定關稅最終走向的關鍵因素。

And this is Bob. I want to make sure we're clear. What was done in Costa Rica was really the filter technologies there, the final, we'll call it back-end packaging. There, which is then shift to our module manufacturers, whether they're in China or Vietnam or wherever they are in the world. So we are moving that to Asia.

這是鮑伯。我想確保我們清楚。在哥斯達黎加所做的實際上是過濾技術，最後，我們稱之為後端包裝。然後，這些產品將轉移到我們的模組製造商，無論他們在中國、越南或世界其他地方。因此我們將其轉移到亞洲。

And in Germany, that doesn't build modules, that builds product for us, the CATV line amplifiers, which is nothing like anything in mobile. So I just want to make sure we're clear on those factories, do not build modules, Costa Rica nor Germany.

在德國，他們不生產模組，而是為我們生產產品，即有線電視線路放大器，這與移動領域的產品完全不同。所以我只是想確保我們清楚那些工廠，不要建造模組，哥斯達黎加和德國。

And and maybe just to follow up on your question regarding Asia we have multiple flows for a number of these products as well as, multiple partners that we can use. So, depending on, the optimal structure and we'll work that with our suppliers and partners, we have a lot of options and flexibility as it relates to tariffs.

也許只是為了跟進您關於亞洲的問題，我們為這些產品中的許多產品提供了多種流程，並且我們可以使用多個合作夥伴。因此，根據最佳結構，我們將與我們的供應商和合作夥伴合作，在關稅方面我們有很多選擇和靈活性。

Ed, if I could, this is Frank. I was going to circle back to answer what might have been your broader question. Maybe to give as much color as I can at our largest customer. There's actually multiple product types where there's two suppliers that share content when they service that customer in Qorvo, for example, our antenna tuning, maybe just to clarify on that topic, Qorvo has actually shared that antenna tuning content with another supplier for a number of years, actually going all the way back to 2020.

艾德，如果可以的話，我是法蘭克。我本來想回過頭來回答您可能更廣泛的問題。也許是為了向我們最大的客戶提供盡可能多的信息。實際上有多種產品類型，其中有兩個供應商在為 Qorvo 的客戶提供服務時共享內容，例如我們的天線調諧，也許只是為了澄清這個主題，Qorvo 實際上已經與另一家供應商共享了天線調諧內容多年，實際上可以追溯到 2020 年。

It's the same situation we have for ultra high band. It's a similar situation we have for discrete filters where Qorvo has shared content with some other supplier for multiple generations. So if you think within that environment, so within that environment that we've been in for multiple years, as we said before, Qorvo is on track to capture greater than 10% content upside in this year, this fall model. So that's something we're really excited about. And then when you look forward, we see a similar environment going forward that I just described.

超高頻段的情況也是一樣的。對於分立濾波器，我們也遇到了類似的情況，Qorvo 與其他供應商分享了多代內容。因此，如果您在這種環境下思考，那麼在我們已經處於多年的環境中，正如我們之前所說的那樣，Qorvo 預計將在今年秋季模型中獲得超過 10% 的內容上漲。所以這是我們真正興奮的事情。然後當你展望未來時，我們會看到與我剛才描述的類似的環境。

And in that environment, we're excited about the additional content that we're working again there.

在這樣的環境下，我們對再次在那裡工作的附加內容感到非常興奮。

I understand it's very difficult to predict because of the wackiness of this year and next year in terms of having two phones and that sort of thing too. But your 10% content increase year-over-year, can you just maybe give us a little bit of idea how that -- what assumption you're using in terms of split between internal versus, say, the Qualcomm in the fall that drives you that number?

我知道這很難預測，因為今年和明年在兩款手機等方面都會出現奇怪的情況。但是您的內容同比增長了 10%，您能否給我們稍微介紹一下這是如何實現的 - 您在內部與高通之間的分配方面使用了什麼假設，從而推動了這一數字？

Yes. This is Bob. My usual line when we get this place is we don't comment on future architectures. Obviously, we know it because we have to build to it, but it's not something we can comment on here.

是的。這是鮑伯。當我們到達這個地方時，我通常會說我們不對未來的建築發表評論。顯然，我們知道這一點，因為我們必須以此為基礎，但這不是我們可以在這裡評論的事情。

Okay, thanks guys.

好的，謝謝大家。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Hey guys, Most of the juicy topics have been addressed -- Do you still feel comfortable with the HPA and CSG businesses growing double-digit percent in fiscal year '26. And within those two segments, how much business would you characterize as maybe being classically cyclical or subject to ebbs and flows in the distribution of customer inventory and on that specific front, are you seeing any sort of green shoots in terms of order and backlog fill?

嘿夥計們，大多數有趣的話題都已經討論過了——您是否仍對 HPA 和 CSG 業務在 26 財年實現兩位數的百分比成長感到滿意？在這兩個部分中，您認為有多少業務是典型的週期性業務，或受客戶庫存分佈起伏的影響？在這一特定方面，您是否看到訂單和積壓訂單的任何復甦跡象？

Gary, you were pretty choppy. Let me first start with -- I believe your first question was our outlook for HPA and CSG growing double digits this year, the answer is yes. The second part, I'm not sure we totally understood. We're not counting on any inventory builds or anything like that at customers. This is -- we're in the right places.

加里，你的表現相當不穩定。首先，我相信您的第一個問題是我們對今年 HPA 和 CSG 兩位數成長的前景，答案是肯定的。第二部分，我不確定我們是否完全理解。我們不指望客戶增加任何庫存或類似的事情。這就是——我們來對地方了。

Philip has done a great job talking about D&A. I'll let Eric talk a little bit about CSG and where we're seeing growth this year.

菲利普在談論 D&A 方面做得非常出色。我讓 Eric 簡單談談 CSG 以及我們今年看到的成長點。

Sure. Sure. So in CSG, of course, the largest revenue segment today is WiFi, in particular, high-performance WiFi transitioning six to seven and already be getting R&D on 8. So that's got dollar content growth just as we've seen in multiple generations of cellular and RF. And I think that's moving at a pretty high velocity.

當然。當然。因此，在 CSG 中，目前最大的收入部分當然是 WiFi，特別是高效能 WiFi，正在從 6 過渡到 7，並且已經開始對 8 進行研發。因此，正如我們在多代蜂窩和射頻中看到的那樣，這帶來了美元內容的成長。我認為這個進展速度相當快。

So we're filling channel right to demand and demand is moving out for new base stations and WiFi access points for industrial and enterprise and so forth. So that's sort of the largest segment.

因此，我們正在根據需求填充管道，而需求正在轉向為工業和企業等提供新的基地台和 WiFi 接入點。所以這是最大的部分。

It's certainly got growth opportunity with content. And then, of course, most of the investments going into the SoC business and the sensor business today. In the SoC business, we're looking at a BLE matter as well as ultra-wideband, both experiencing really rapid growth relative to our average. I've been particularly excited actually about the matter growth opportunity. We're not the first in that space, but we've got some unique capability we're bringing to it, a design traction and even volume ramping is going very well.

內容方面它確實有成長機會。當然，目前大部分投資都流向了 SoC 業務和感測器業務。在 SoC 業務中，我們正在關注 BLE 以及超寬頻問題，相對於我們的平均水平，這兩者都經歷了非常快速的成長。事實上，我對物質成長機會特別興奮。我們並不是該領域的第一家公司，但我們為該領域帶來了一些獨特的能力，設計牽引力甚至產量提升都進展順利。

Ultra-wideband, of course, we are a leader in technology there.

當然，在超寬頻技術方面，我們處於領先地位。

Automotive has gotten very, very strong for us in terms of designing, takes quite a while, of course, to get that to production revenue. But once we do, we'll be running for many years and that we're engaged across a number of very large opportunities and it's going very well in auto. But then also ultra-wideband, I think we're leading in the other applications, in particular, connected home applications. We've got a lot of opportunity there. And also in other sort of lighting applications, as we mentioned, with Matter.

就設計而言，汽車對我們來說已經變得非常強大，當然，需要相當長的時間才能實現生產收入。但一旦我們這樣做了，我們就會運作很多年，而且我們會參與許多非常大的機會，而且在汽車領域進展非常順利。但同時，我認為我們在其他超寬頻應用方面也處於領先地位，特別是連網家庭應用。我們在那裡有很多機會。正如我們所提到的，Matter 還可用於其他類型的照明應用。

So really across the board, a lot of opportunities driving these new technologies, the wheel has just beginning to spin and pickup momentum here.

因此，從總體上看，推動這些新技術發展的機會很多，車輪才剛開始轉動並獲得動力。

And the other, Eric is the indoor location and real-time location services, we talked about that, ramping. So that is ramping now. It takes time. You know the market takes awhile to develop, but that will start to build on itself as we had previous fiscal year and in the next couple of years.

另外，埃里克談到了室內定位和即時定位服務，我們對此進行了討論。現在情況正在好轉。這需要時間。您知道市場需要一段時間才能發展，但就像我們上一個財年和未來幾年一樣，市場將開始自行發展。

You thank you for that and Grant, just a quick follow-up. Are you still expecting OpEx to hover at $250 million per quarter level for the balance of fiscal year '26.

謝謝您，格蘭特，我只是想快速跟進。您是否仍預計 26 財年剩餘時間的營運支出將徘徊在每季 2.5 億美元的水平？

I think you're referring to maybe our guidance for the year, quarterly for OpEx at $250 million. We still believe that's a reasonable threshold, plus or minus 2%, 3%, maybe there's a seasonal impact. There's potentially other items in there. I'd call out the weakness in the U.S. dollar is one that works against us and so far is our OpEx, again, not necessarily meaningful on a normal basis, but should it continue to weaken significantly, that could add to OpEx and other seasonal factors.

我想您指的是我們今年的指導方針，即每季營運支出為 2.5 億美元。我們仍然認為這是一個合理的閾值，正負 2%、3%，也許有季節性的影響。那裡可能還有其他物品。我想說的是，美元疲軟對我們不利，到目前為止，我們的營運支出在正常情況下並不一定有意義，但如果美元繼續大幅走弱，這可能會增加營運支出和其他季節性因素。

But generally, that's a good working assumption at the baseline. Thank you.

但一般來說，這是一個好的基準工作假設。謝謝。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Thank you. This is (inaudible) for Tim. Guys, I just wanted to ask about tariffs impact and you mentioned taking steps to limit the impact. But can you talk about exactly what is it that you're doing? We know you benefit from tariff free zones in China, but what exactly are you doing to limit the impact here?

謝謝。這是（聽不清楚）給提姆的。夥計們，我只是想問一下關稅的影響，你們提到採取措施來限制影響。但你能具體說說你正在做什麼嗎？我們知道你們受益於中國的自由關稅區，但你們具體採取了什麼措施來限制其影響呢？

Yes, sure. So I mean we have a pretty experienced team, right? I mean go all the way back to Huawei (inaudible) -- there were similar dynamics in play there. We successfully navigated those challenges before and we identified the same solutions that are being used and have been for quite some time, will continue to use. So we'll optimize around those. We have flexibility in our supply chain.

是的，當然。所以我的意思是我們有一個非常有經驗的團隊，對嗎？我的意思是回顧華為（聽不清楚）──那裡也存在類似的動態。我們之前成功克服了這些挑戰，並且確定了正在使用並且已經使用了相當長一段時間的相同解決方案，並將繼續使用。因此我們將針對這些進行最佳化。我們的供應鏈具有彈性。

We've alternative second sources. We've been collaborating with customers on their mitigation strategies and the locations where they work and produce their own products. But at the end of the day, I think it really comes down to the country of origin question, right? I mean we have a substantial transformation in the parts when they're built, assembled and tested in China and sold to Chinese OEMs or contract manufacturers. So there's -- I think, probably misunderstood but a really key element of what's going on here.

我們還有其他的第二來源。我們一直在與客戶合作制定緩解策略以及他們工作和生產自己產品的地點。但歸根結底，我認為這實際上歸結為原產國的問題，對嗎？我的意思是，當零件在中國製造、組裝和測試並出售給中國原始設備製造商或合約製造商時，我們會對它們進行實質的改造。所以，我認為，這可能被誤解了，但這是這裡發生的事情的關鍵因素。

Got it. Okay. And then just one quick one, I just want to double-click again on the demand pull-in point that was made previously on the call, but in the context of your guidance. So how much of the demand into the June quarter in your view could be related to tariffs?

知道了。好的。然後，我只想快速地再次雙擊之前在電話會議上提出的需求拉動點，但這是在您的指導範圍內的。那麼，您認為 6 月季度的需求有多少可能與關稅有關？

This is Grant. Let me take that one. I think what you're alluding to maybe is some pull-ins related to tariff activity. I mean like we had commented, we've seen modest activity. It's only notable in the light of the tariff discussion, but it's not meaningful in terms of dollars.

這是格蘭特。讓我來拿那個。我認為您暗示的可能是與關稅活動有關的一些吸引力。我的意思是，就像我們評論的那樣，我們看到了適度的活動。只有在關稅討論的背景下這才值得注意，但從美元角度來看這並沒有什麼意義。

It's largely smartphones and we're not seeing any customers overreacting pull-ins and push-outs occur every quarter. So it's relatively normal. I don't know, Dave, if you have any?

它主要是智慧型手機，我們並沒有看到任何客戶每季都出現過度反應的拉進和推出的情況。所以這是比較正常的。我不知道，戴夫，你有沒有？

Yes. I can shed some light, too, in particular with some of our customers in China. Of course, initially, when all this stuff gets announced, it creates a bit of panic and people just don't understand how things are going to work, right? And so we get on calls and we kind of work through our supply chain, their supply chain and what are the real risks and whether they can be mitigated or not.

是的。我也可以提供一些信息，特別是針對我們在中國的一些客戶。當然，最初，當所有這些事情被宣佈時，會引起一些恐慌，人們只是不明白事情將如何發展，對嗎？因此，我們接聽電話，並透過我們的供應鏈、他們的供應鏈進行工作，了解真正的風險是什麼以及是否可以減輕這些風險。

And so I can tell you that a lot of that activity has died down, right? People really start to understand the situation, really understand what Grant described in terms of how country of origin is determined, all that activity kind of starts to fade away. And so then the motivation to change their demand profile goes away as well. So that's kind of what we're seeing play out.

所以我可以告訴你，很多這樣的活動已經消失了，對嗎？人們開始真正理解情況，真正理解格蘭特所描述的如何確定原籍國，所有這些活動都開始逐漸消失。那麼改變需求狀況的動力也就消失了。這就是我們所看到的情況。

Thanks guys, it's very.

謝謝大家，非常好。

We'll take that as the last question for today. And this concludes our question-and-answer session. I would now like to turn the conference back over to the management for closing remarks.

我們將把這個作為今天的最後一個問題。我們的問答環節到此結束。現在，我想將會議交還給管理階層，請他們作結語。

I want to thank everyone for joining us on today's call. We appreciate your interest. We look forward to speaking with many of you at our upcoming investor events. Thanks again. Hope you have a great evening.

我要感謝大家參加今天的電話會議。感謝您的關注。我們期待在即將舉行的投資者活動中與你們交談。再次感謝。祝您有個愉快的夜晚。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。